It is worth remembering that the transfer of money to the Fund will mean a new blow to the reserves that closed January with a total of US$37,589 million, its lowest level since December 19, 2016. In this case, it is about an interest payment that, added to the US$730 million last Friday, represents almost US$1.1 billion that debited the Central Bank’s reserves in one week. The last payment was made in part with the remainder of the SDRs that the Fund had sent in August.
According to the economy minister, Martín Guzmán, last Friday, all payments made in recent months will be reimbursed with the new disbursements of the program. Disbursements will be quarterly, on account of periodic reviews of the Extended Facilities Program. In March, there will be a capital maturity of US$2.9 billion, but the government plans to have a fully closed agreement to avoid payment.
Thus, in addition to the US$44.5 billion of the Stand By, the Government expects to add an additional US$4,500 to US$5,000 for the SDRs above the amount of the refinancing of the Mauricio Macri program. The minister also specified that the agreement reached with the Fund covers financing for “everything that remains to expire from the Stand By agreement and the amount of the amortizations of September and December that were made with the Special Drawing Rights, as well as the expiration of capital” of that day.
Before March, there will be another due date with the Paris Club for US$200 million of the total US$2 billion that remain pending and await renegotiation.
Source: Ambito
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